Comstock Resources Inc. [NYSE: CRK] loss -10.22% or -1.69 points to close at $14.85 with a heavy trading volume of 6170244 shares. The company report on November 30, 2022 that COMSTOCK RESOURCES, INC. ANNOUNCES CONVERSION OF PREFERRED STOCK.
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The Series B Convertible Preferred Stock was issued in July 2019 in connection with the acquisition of Covey Park Energy LLC as part of the financing for this transformational acquisition. Jerry Jones, the Company’s major stockholder, provided the funds needed to complete the strategic transaction. “Comstock’s outstanding performance since I made my initial investment in August 2018 and my confidence in the Company’s future have led me to further increase my ownership stake in Comstock. I am very excited to continue to partner with Comstock’s management and stockholders as we enter 2023. Comstock now has a very strong balance sheet and the largest acreage position in North America’s premiere natural gas basin which supports decades of drilling and reserve growth” stated Mr. Jones, Dallas businessman and owner of the Dallas Cowboys.
It opened the trading session at $16.28, the shares rose to $16.35 and dropped to $14.74, the range by which the price of stock traded the whole day. The daily chart for CRK points out that the company has recorded -29.45% loss over the past six months. However, it is still -115.84% lower than its most recent low trading price.
If we look at the average trading volume of 3.47M shares, CRK reached to a volume of 6170244 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Comstock Resources Inc. [CRK]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CRK shares is $22.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CRK stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Tudor Pickering Holt & Co. have made an estimate for Comstock Resources Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on November 16, 2022. While these analysts kept the previous recommendation, KeyBanc Capital Markets raised their target price to Overweight. The new note on the price target was released on September 20, 2022, representing the official price target for Comstock Resources Inc. stock. Previously, the target price had yet another raise to $17, while Piper Sandler analysts kept a Neutral rating on CRK stock. On July 22, 2022, analysts increased their price target for CRK shares from 16 to 17.
The Average True Range (ATR) for Comstock Resources Inc. is set at 1.11, with the Price to Sales ratio for CRK stock in the period of the last 12 months amounting to 1.29. The Price to Book ratio for the last quarter was 2.13, with the Price to Cash per share for the same quarter was set at 0.13. Price to Free Cash Flow for CRK in the course of the last twelve months was 8.57 with Quick ratio for the last quarter at 0.60.
Trading performance analysis for CRK stock
Comstock Resources Inc. [CRK] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -17.96. With this latest performance, CRK shares dropped by -16.20% in over the last four-week period, additionally sinking by -29.45% over the last 6 months – not to mention a rise of 95.39% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CRK stock in for the last two-week period is set at 31.76, with the RSI for the last a single of trading hit 23.57, and the three-weeks RSI is set at 37.08 for Comstock Resources Inc. [CRK]. The present Moving Average for the last 50 days of trading for this stock 17.94, while it was recorded at 17.12 for the last single week of trading, and 15.92 for the last 200 days.
Comstock Resources Inc. [CRK]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and Comstock Resources Inc. [CRK] shares currently have an operating margin of +57.43 and a Gross Margin at +59.32. Comstock Resources Inc.’s Net Margin is presently recorded at -13.06.
Return on Equity for this stock declined to -18.39, with Return on Assets sitting at -5.05.
Comstock Resources Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 0.60.
Comstock Resources Inc. [CRK]: An earnings per share (EPS) analysis
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CRK. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Comstock Resources Inc. go to 20.00%.
An analysis of insider ownership at Comstock Resources Inc. [CRK]
There are presently around $1,237 million, or 30.70% of CRK stock, in the hands of institutional investors. The top three institutional holders of CRK stocks are: VANGUARD GROUP INC with ownership of 9,783,037, which is approximately 36.354% of the company’s market cap and around 1.60% of the total institutional ownership; STATE STREET CORP, holding 6,388,409 shares of the stock with an approximate value of $94.87 million in CRK stocks shares; and BLACKROCK INC., currently with $90.09 million in CRK stock with ownership of nearly -3.285% of the company’s market capitalization.
Positions in Comstock Resources Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 129 institutional holders increased their position in Comstock Resources Inc. [NYSE:CRK] by around 14,709,166 shares. Additionally, 108 investors decreased positions by around 11,132,280 shares, while 24 investors held positions by with 57,469,160 shares. The mentioned changes placed institutional holdings at 83,310,606 shares, according to the latest SEC report filing. CRK stock had 52 new institutional investments in for a total of 4,698,873 shares, while 32 institutional investors sold positions of 2,492,640 shares during the same period.